Markets shudder as Trump reels from Supreme Court smackdown

Stock markets shuddered on Monday as President Donald Trump defiantly escalated tariffs despite a Supreme Court ruling striking down his emergency powers.

The Dow Jones industrial average tumbled 1.4 percent in morning trading, while the S&P 500 and Nasdaq 100 fell 0.9 percent and 1.1 percent respectively, with European markets also declining. Investors struggled to navigate the unpredictability of Trump's trade war, reported The Guardian.

Trump circumvented the Supreme Court decision by invoking a never-before-used section of the Trade Act of 1974, first announcing 10 percent tariffs before escalating to 15 precent on all imports.

On Truth Social, he threatened world leaders attempting to renegotiate trade deals, warning of tariffs imposed in a "much more powerful and obnoxious way," and declaring "any Country that wants to 'play games' with the ridiculous supreme court [sic] decision...will be met with a much higher Tariff, and worse."

Yet public sentiment overwhelmingly contradicts Trump's posture. A YouGov poll conducted immediately after the Court's ruling showed 60 percent of Americans supported striking down the tariff regime — including 88 percent of Democrats, 63 percent of independents, and notably, 30 percent of Republicans.

This cross-party consensus reflects widespread economic pain: Most Americans report tariffs have increased prices for goods and services, and Republicans were four times more likely to say tariffs raised prices than lowered costs.

Pre-existing polling warned of trouble. A Fox News survey showed 63 percent of voters disapprove of Trump's tariff handling, compared to only 37 percent approval — a stark warning as Republicans face midterm elections in November.

The situation presents a political catastrophe for Republicans. Market instability combined with voter anger over rising costs creates a nightmare scenario heading into competitive midterm races, according to reports.